Tag: Tab NZ

Tab NZ misses June revenue and turnover budgets

New Zealand’s Tab NZ fell short of both revenue and turnover budgets in June as a result of ongoing “softening economic conditions” in the country as consumers continued to adjust to the rising cost of living.

Wagering turnover for the month reached NZ$197.3m (£102.0m/€121.5m/US$124.2m), which was 3.9% or $8.1m below budget.

Net profit amounted to $11.0m, some $1.7m below a budget of $12.7m, with betting profit $1.5m under budget at $9.3m and gaming profit also $200,000 off budget at $1.7m.

However, Tab NZ did note that operating expenses for the month were $200,000 below an initial budget of $10.0m, amounting to $9.6m, while code distributions and other payments were $100,000 above budget at $13.2m.

Analysing its monthly performance, Tab NZ said the primary reason for it missing budgets was due to consumers not spending as much as initially anticipated amid the rising cost of living in New Zealand.

Retail and hospitality was able to operate without capacity restrictions despite t..

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Tab NZ misses budget targets amid cost of living pinch

TAB New Zealand missed budget in terms of turnover and revenue in May as softening economic conditions outpaced the easing of lockdown measures.

In its monthly trading update, the betting business said turnover of NZ$202.7m (USD$124.3m/€119.4m/£103.5m) was 3.6% below budget and gross betting revenue (GBR) of $32.0m was down on budget by 4.4%. The gross betting margin (GBM) of 15.8% was 0.1% below budget.

Reported profit for the month was $10.8m, which was $2.4m below budget. Operating expenses were $10.6m for the month, which was $0.4 above budget.

Tab NZ said the key performance results for May were in line with the overall positive trends of the 2021/22 financial year.

Average NZ thoroughbred starters per race was 10.7, slightly above the year-to-date average of 10.6, while the peak turnover for a domestic meeting was $1.9m on 14 May for the Campbell’s Infrastructure Cup Day at Arawa Park.

The top sporting event by turnover for April was the Warriors vs Sharks NRL match at $0.58..

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